Member of The Egyptian Society of Technical Analyst
Head of Education department, Market Strategist, Chief Technical Analyst of Global Leading Forex Brokerage companies
Trained over 5000 professional trainers more than 10 years
BSc in Economics from Mansoura University
14 November 2019
Australian jobs report: Thursday, 00:30. The land down under has a low unemployment rate of 5.2%, but the RBA is unsatisfied with this outcome. The same level will likely be repeated in the report for October. The employment change figure is expected to show an increase of 16.2K positions, similar to 14.7K jobs gained in September — a satisfactory advance.
German GDP: Thursday, 7:00. Fears of a recession will likely materialize in the Gross Domestic Product figures for the third quarter. The euro zone’s largest economy is expected to have squeezed by 0.1% in the quarter ending in September after a drop of 0.2% in the second quarter. Two consecutive quarters of contraction is the definition of a recession, which politicians may dismiss as “technical.” It may further weigh on the euro and also paint a gloomier picture for the global economy.
AUD Australian jobs report
EUR German GDP
Update: on its way to reach its final target as expected.The pair is traded below a strong resistance level that is the down trendline shown on the chart in red. Therefore, we are bearish as long as the pair is traded below it. Our first target is 1.0926.
▪ 1.1200 ▪ 1.1180 ▪ 1.1150
▪ - ▪ 1.1060 ▪ 1.1000
We are bearish as long as the pair is traded below the downtrend line.
Update: We remain the same.The chart above shows that the pair is traded above a strong support level that is 1.2770. Therefore, we are bullish as long as the pair is traded above it. Our first target is: 1.2970
▪ 1.36 ▪ 1.3310 ▪ 1.30
▪ - ▪ - ▪ 1.2770
We are bullish as long as the pair is traded above the level of 1.2770.
Update: On its way to our target.As could be seen on the chart above that the pair is traded above a strong support level that is 1450. Therefore, we are bullish as long as the pair is traded above it. Our first target is: 1478.
▪ 1496 ▪ 1478
▪ 1450 ▪ 1430 ▪ 1425
We are bullish as long as the pair is traded above the level of 1450.
Update: No bullish signals have shown up above the support level. The pair went down and might continue going downwards.The pair is about to reach a strong support level that is 0.6800. Therefore, we will be waiting for some bullish evidence to show up then we can go long targeting the level of 0.6900 during the week.
▪ 0.7550 ▪ 0.7600 ▪ 0.7000
▪ 0.68 ▪ 0.67 ▪ -
We are bullish as long as the pair is traded above the level of 0.6800.
Update: No changes!The pair is traded within a very tight range shown on the chart above. The resistance level is 141 and the support level is 139. We think that it is better to wait for the pair to go beyond one of these levels then we can enter the market. In case the resistance level is broken, we can go long targeting the level of 143. On the other hand, if the level of 139 is broken then the door is open for the pair to reach the level of 138.
▪ 142.30 ▪ 142 ▪ 141
▪139 ▪ 138 ▪ 137
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